Uzbek Agrobank signs loan agreement with China Development Bank
BAKU, Azerbaijan, Jan. 16
By Fakhri Vakilov-Trend:
Uzbekistan’s Agrobank signed a loan agreement with the China Development Bank (CDB) for $40 million, Trend reports citing Agrobank’s press service.
The loan agreement aims to support relations between entrepreneurs of Uzbekistan and China by providing long-term loans, ensuring the expansion of economic and trade relations, as well as investment activities of the two strategic partner countries.
The agreement envisages provision of a credit line to finance projects involving Chinese suppliers and contractors. The purpose of this agreement is to promote the development of cooperation between Uzbek entrepreneurs and manufacturers of China by financing purchases of high-tech equipment, goods and services from China.
The signing of the agreement on financial cooperation will give a new impetus to bilateral relations and the development of trade and economic relations between the two countries. Moreover, the agreement will provide an opportunity to attract credit resources on favorable terms, which will create new large investment opportunities in Uzbekistan.
China Development Bank was established in March 1994 to provide funding for the development of government projects focused on the modernization and development of infrastructure in major industries, including energy and transport.
The main task of the Chinese financial institution is to regulate the macroeconomic policy of the central government, supporting the development and strategic structural changes in the economy. The main activities of the China Development Bank are long-term lending and bond issuance.
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